[DELEUM BHD，行业的支出水平提高，油价走强，交易条件改善]
油价走强导致交易条件全面改善。虽然本地合同令人鼓舞，但通过关注规模经济和成本效率，对这些本地合同的推出引入了系统性变革。由于电力和机械及综合腐蚀解决方案部门的收入贡献增加，集团的收入增长了3280万令吉或30.8％，而油田服务部门的收入贡献减少。但综合腐蚀解决方案部门的亏损拖累了营业利润的增长，只增长了12.6％。迪隆应占本公司权益持有人应占溢利增加250万令吉，主要由于贸易条件改善及美元外汇变动导致本季度汇兑收益为80万（去年亏损350万令吉）。
电力和机械部门的收入较同期增长1,490万令吉或23.0％，主要是由于交换引擎，改装项目，零件，维修和维护，阀门和流量监管部件的订单增加以及石油和天然气项目1840万令吉的收入，但被第三方的销售活动放缓和较低的其他辅助服务（350万令吉）所抵消。由于收入增加，该部门税前利润增加了470万令吉。此外，去年季度的部门业绩亦受到外汇净亏损370万令吉的影响，而本季度净汇兑收益为70万令吉。
油田服务部门的税前利润增加了130万令吉，原因是销售组合更好，钢丝的利润率更高，而且由于资金需求减少，融资成本降低。
综合腐蚀解决方案部门的收入为2840万令吉，是2017年第二季度收入的两倍多，这是由于维护，建设和改造服务（“MCM”）合同的额外收入，但被Pan Malaysia Blasting Contract的合同到期后，销售减速所抵消。
迪隆的半年收入增加至2.478亿令吉，而同期相应期间为1.964亿令吉，被所有部门的收入增长支持。由于电力及机械及油田服务部门的表现较为强劲，迪隆权益持有人应占溢利较去年同期有所改善。有利的外汇变动进一步增强了集团的业绩，净汇兑收益为RM70万，而去年同期则录得590万令吉的汇兑亏损。由于较低的量导致2MC的利润贡献下降，导致CUPL的损失减少，因此联营公司的业绩份额增加了10万令吉。
电力和机械部门收入同比增长17.7％或2170万令吉，这是由于交换引擎获得的订单增加以及佣金增加3080万令吉，但被改造项目，零件，维修和保养，阀门和流量调节器，第三方和其他辅助服务（910万令吉）的较低贡献所抵消。
由于本期间收入增加，该部门的税前利润增加了560万令吉，之前的相应季度税前利润受到外汇净亏损620万令吉的影响，而本期间外汇净收益为RM70万。
油田服务部门的收入较同期增加了290万令吉，主要是由于钢丝的收入贡献增加了870万令吉，但被油井干预和增强服务以及油田化学品的工作订单减少了580万令吉所抵消。由于钢丝相关（特别是在西马的活动）的收入增加，该部门税前利润上升了530万令吉。
综合腐蚀解决方案部门的收入为4450万令吉，与去年同期相比增加了2680万令吉或151.3％，原因是MCM合同带来的额外收入但被Pan Malaysia Painting and Blasting Contract的合同到期后的收入减少所抵消。
集团负债总额减少3,490万令吉，主要由于贸易及其他应付款项减少1,710万令吉，偿还借款1,750万令吉而以及权益减少320万令吉主要是由于支付1450万令吉的股息所致。
本季度，集团录得收入1.393亿令吉，收入较上一季度增加3,080万令吉或28.4％。由于客户的工作订单从第一季度传统上较慢的活动中恢复过来，所有部门的收入增长都受到较高活动水平的支持。
本季度电力和机械部门的税前利润为1110万令吉，而上一季度为510万令吉。更高的税前利润来自改造项目，零件，维修和保养，阀门和流量监管部件，第三方和其他辅助服务以及1890万令吉的佣金收入带来的收入增加，但被交换引擎的工作订单降低（RM370万）所抵消。
油田服务部门的税前利润增长了190万令吉，原因是收入增加带来的贡献增加。
综合腐蚀解决方案部门本季度亏损减少到290万令吉，而上一季度则亏损360万令吉。这一变化是由于推出MCM合同的启动和动员成本降低以及关闭Pan Malaysia Blasting contract有关的工程的延迟收费。但是，他们预计不会因未来的喷漆和爆破活动而产生任何成本。
前景：
油价走强的到来和前景导致该行业的支出水平提高。因此，年内至今迪隆的收入由1.964亿令吉改善至2.478亿令吉，增幅为26％。迪隆继续致力于通过提升所有业务部门的能力，并在适当的情况下结合协同联盟，以及强大的项目执行和严格的预算管理，来实现其可持续性和复原力的使命。
电力和机械部门通过为已安装的涡轮机基地提供优质的售后服务并与客户合作提供具有成本效益的解决方案，继续致力于为客户提供支持。同时寻求进一步扩大燃气轮机，改造和区域翻新项目管理和安装服务的机会。随着油价走强以及交易条件的改善，董事会对于财务年度剩余时间内的业绩表现非常有信心，能碧美迄今为止的表现。
油田服务部门主要关注上游活动，特别是提供钢丝服务和设备。此活动预计将对该部门2018年的收入产生积极影响。截至目前，该部门已积极参与所有招标活动，以确保其现有客户和新客户获得新的钢丝合同。董事会对这些招标活动的结果持谨慎乐观态度，因为该部门目前是提供钢丝服务的领导者，拥有稳固的服务和交付记录，良好的健康和安全实践，熟练的技术人员以及快速提供的设备和部署。
综合腐蚀解决方案部门预计今年收入较高，主要是由于本财政年度开始运营的MCM合同的工作订单所致。根据手头的工作订单，他们预计未来几个月的成本会正常化，收入也会赶上。预计这些发展将对未来的盈利产生积极影响。
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James Ng Stock Pick Performance:
Since Recommended Return:
1) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.65 in 1 month 16 days, total return is 22.1%
2) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.855 in 12 days, total return is 19.6%
3) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.89 in 1 month 23 days, total return is 11.9%
我希望将我的策略分享给读者，希望他们在阅读后能够表现出色。我正在使用基本面分析（Fundamental Analysis）：
预计公司每年的增长率必须> 14％
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James Ng
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[DELEUM BHD, higher levels of spending in the sector, firmer oil prices, improved trading conditions]
The firmer oil prices had led to an overall improvement in trading conditions. While flow of local contracts are more encouraging, systematic changes were introduced on the rollouts of these local contracts by focusing on economics of scale and cost efficiency. The Group posted a revenue growth of RM32.8 million or 30.8% against the corresponding quarter riding on the back of higher revenue contribution from Power and Machinery and Integrated Corrosion Solution segments, offset by lower revenue contribution from Oilfield Services segment. But operating profit growth was less impressive rising by 12.6% dragged down by the loss in the Integrated Corrosion Solution segment. The Group’s profit attributable to equity holders of the Company increased by RM2.5 million mainly on account of improved trading conditions and changes in the value of the USD which turned exchange losses of RM3.5 million in the corresponding quarter into a gain of RM0.8 million.
The Power and Machinery segment’s revenue grew by RM14.9 million or 23.0% against the corresponding quarter driven mainly by the stronger work orders from exchange engine, retrofit projects, parts, repairs and maintenance, valve and flows regulators and higher commission income earned particularly on oil and gas projects of RM18.4 million offset by the slower sales activities on third-party and lower other ancillary services of RM3.5 million. The segment results improved by RM4.7 million supported by the higher revenue reported. In addition, the segment results recorded in the previous corresponding quarter was also affected by the net foreign exchange loss of RM3.7 million versus a net foreign exchange gain of RM0.7 million recorded in the current quarter.
The Oilfield Services segment results improved by RM1.3 million due to better sales mix with higher margins from slickline activities coupled with a reduction in finance costs due to lower funding requirements.
The Integrated Corrosion Solution segment revenue of RM28.4 million was more than double of the revenue recorded in the second quarter of 2017 driven by the additional revenue generated from the Maintenance, Construction and Modification services (“MCM”) contract but offset by the slowdown in sales from Pan Malaysia Blasting Contract following expiry of the contract.
The Group’s half yearly revenue strengthen to RM247.8 million as compared to the corresponding period of RM196.4 million supported by the revenue growth recorded across all reportable segments. The Group’s profit attributable to equity holders of the Company recorded an improvement against the corresponding period due to the stronger performance from both Power and Machinery and Oilfield Services segments. The Group performance was further enhanced by the favorable foreign exchange movement with a net foreign exchange gain of RM0.7 million recorded as opposed to a foreign exchange loss of RM5.9 million suffered in the corresponding period. Share of results of associates was higher by RM0.1 million due to the lower losses shared from CUPL mitigated by the decline in profit contribution from 2MC due to lower throughput.
The Power and Machinery segment revenue increased by 17.7% or RM21.7 million as compared to the corresponding period attributable to higher work orders secured from exchange engines and increased in commission earned by RM30.8 million offset by the lower contribution from retrofit projects, parts, repairs and maintenance, valve and flow regulators, third party and other ancillary services of RM9.1 million.
The segment results improved by RM5.6 million in tandem with the higher revenue reported in the current period and that the previous corresponding quarter results was affected by the net foreign exchange losses of RM6.2 million as compared to a net foreign exchange gain of RM0.7 million in the current period.
The Oilfield Services segment revenue increased by RM2.9 million against the corresponding period mainly due to the higher revenue contribution from slickline activities by RM8.7 million offset by lower work order for well intervention and enhancement services and oilfield chemicals by RM5.8 million. The segment results lifted by RM5.3 million on the back of higher revenue from slickline related activities especially in West Malaysia.
The Integrated Corrosion Solution segment registered a revenue of RM44.5 million, increasing by RM26.8 million or 151.3% as compared with the corresponding period due to additional revenue earned from the MCM contract offset by the slowdown in revenue from the Pan Malaysia Painting and Blasting Contract due to contract expiry.
Group total liabilities declined by RM34.9 million mainly due to lower trade and other payables by RM17.1 million, repayment made on borrowings of RM17.5 million and a decrease in equity by RM3.2 million mainly due to dividend paid of RM14.5 million mitigated by earnings generated during the current period.
Quarter on quarter, the Group registered a revenue of RM139.3 million, an increase in revenue by RM30.8 million or 28.4% against the immediate preceding quarter. This is supported by the revenue growth recorded across all reportable segments sustained by higher activity level as customers’ works orders picks up from the traditionally slow activities in the first quarter.
Power and Machinery segment results were RM11.1 million for the current quarter versus RM5.1 million reported in the preceding quarter. The higher results were attributable to the contributions from higher revenues from retrofit projects, parts, repairs and maintenance, valve and flows regulators, third party and other ancillary services and commission income of RM18.9 million offset by lower work orders on exchange engine of RM3.7 million.
Oilfield Services segment results were higher by RM1.9 million attributable to higher contribution from on the back of higher revenues earned.
Integrated Corrosion Solution segment reported a reduced loss of RM2.9 million in the current quarter as opposed to a loss of RM3.6 million in the immediate preceding quarter. This change was due to lower start up and mobilisation costs incurred in rolling out the MCM contract and late charges in closing out works related to the Pan Malaysia Blasting contract. However, they do not anticipate any material cost arising from the painting and blasting activities going forward.
Prospects:
The arrival and the prospect of stronger oil prices had led to higher levels of spending in the sector. Accordingly, in the year to date the Group’s revenue had improved from RM196.4 million to RM247.8 million, an increase of 26%. The Group continues to concentrate on meeting its mission of sustainability and resilience by enhancing capabilities across all business segments and where appropriate in conjunction with synergistic alliances, alongside strong project execution and rigorous budget management.
The Power and Machinery segment continues to focus its efforts in supporting its customers by providing excellent after sales services to the installed turbine base and working with customers to provide cost effective solutions. It is at the same time looking into further opportunities to expand the provision of project management and installation services for gas turbines, retrofits and refurbishments regionally. With the firmer oil prices, and improved trading conditions, the Board is quietly confident that the performance in the remainder of the financial year to match the performance to date.
The Oilfield Services segment focuses primarily on upstream activities in the sub surface sector in particular the provision of slickline services and equipment. This activity is expected to contribute positively to the segment’s revenue in 2018. As of to date, the segment has actively participated in all the bidding exercises in order to secure new slickline contracts from its existing and new customers. The Board is cautiously optimistic of the outcome of these bidding exercises as the segment is currently a leader in the provision of slickline services backed up by a solid service and delivery record, good health and safety practices, skilled technicians and availability of slickline equipment for rapid deployment.
The Integrated Corrosion Solution segment booked higher revenues in the year to date primarily driven by work orders flowing from the MCM contract which commenced operation beginning this financial year. They expect costs to normalize and revenue to catch-up in the coming months on the basis of work orders in hand. These developments are expected to contribute positively to earnings moving forward.
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James Ng Stock Pick Performance:
Since Recommended Return:
1) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.65 in 1 month 16 days, total return is 22.1%
2) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.855 in 12 days, total return is 19.6%
3) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.89 in 1 month 23 days, total return is 11.9%
I wish to share my strategy to readers, hope that they can perform well after reading this. I am using Fundamental Analysis:
the forecasted growth of a company must > 14% per year
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